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Some people step into entrepreneurship with a clear vision: They know which industry they want to conquer and which path to take to get there. However, for many new entrepreneurs, it can be difficult to understand how to start a business and determine what type of business is the best option for investing.
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To help you get started on your journey, we’ve compiled a list of the most profitable businesses, taking into account factors such as industry growth and competition, startup costs and barriers to entry, and profit potential.
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With a solid business plan, hard work and determination, any strong business idea can become successful and profitable.
However, businesses in fast-growing industries with low start-up costs may have higher profit potential. For example, with the rise of technology, starting a virtual assistant business will be more successful than opening a grocery store.
Some of the most profitable businesses are online, others include in-person services, and some are great if you’re an entrepreneur on the go. Here is our list of the most profitable small businesses:
According to a 2021 report by Grand View Research, the food truck movement has experienced steady growth over the past five years and the market is expected to grow to $6.6 billion by 2028. You can start a food truck business for less than a third of the cost of opening a real-site restaurant; You also have geographic versatility, high revenue potential, and the flexibility to create your own custom menu.
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Don’t forget San Francisco, Boston, and Washington, DC. Big, trendy cities like New York already have a very saturated food truck market (with strict regulations to begin with) – so there may be a more successful business in a small-hearted city.
Food trucks also have their own specific regulations, business licenses and safety compliance standards. They also require food business insurance, so you’ll want to check with your local health department to find out what will be required.
According to a 2020 study by Consumer Reports, rising prices and improved features of new vehicles are forcing car owners to keep their vehicles longer. Businesses like car washes, which help people retain the value of their automobile investments, are expected to continue to grow as drivers drive longer.
According to the International Car Wash Association, 66% of Americans wash their cars once to twice a month, or an average of 13 times a month. The car wash market is expected to grow from $14.7 billion in 2021 to $20.7 billion in 2028.
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You can make your car wash business more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. Also as a mobile car wash and car maintenance service, you will avoid the overheads and start-up costs of owning a physical location.
According to IHS Markets (now part of S&P Global), the median age of US Cars and light trucks in 2021 rose from 9.6 in 2002 to 12.1 in 2002. People are holding their cars longer than ever before, indicating significant opportunities in the maintenance and repair business.
In addition, car owners are more likely to visit a small business for repairs; According to the Auto Maintenance Association, independent repair facilities take over more than 70% of the repair business compared to dealerships or manufacturer-authorized repair facilities.
If you are skilled as a mechanic, you can consider auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery replacements, headlight repairs and more. If you want to save on overheads, you can make it a mobile service and travel to your customers, make repairs in driveways or office parking lots.
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According to the U.S. Bureau of Labor Statistics, employment of fitness trainers and trainers is projected to increase 39% from 2020 to 2030, much faster than the average for all occupations. But turning your love of fitness into a career doesn’t mean working in a big corporate gym, and you don’t need your own position to train your clients. Throw weights, bands, and a yoga mat in the trunk of your car and put on your fitness show on the road.
You can become a personal trainer by offering one-on-one sessions at your clients’ homes or giving group lessons at a local park or community center. Making it more accessible to your fitness clients may be the only ticket to helping both of you reach your goals.
While millennials are putting off parenting longer than previous generations, many eventually want to have children. In fact, more than half of millennial women have given birth to a child as of 2018, according to analysis of government data by the Pew Research Center.
Now both Millennials and Gen Z are considering becoming parents, and the need for businesses for children is growing, starting with post-pregnancy and neonatal services. As a result, the 2018 Research and Markets report expects the maternity care market in North America to exceed $3 billion by 2023.
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The demand for doulas and lactation consultants in particular is high among new mothers, and both job options have relatively low overhead requirements beyond education and certification.
As Americans continue to have children, shrinking budgets for education mean both traditional academic and enrichment subjects like music, painting and athletics often take a significant hit.
A successful business to start could be one that teaches children enrichment activities. According to a 2018 U.S. Census Bureau report, children today participate in extracurricular activities just as they did 15 years ago. And some studies show that almost half of American parents spend more than $1,000 a year on their children’s activities.
You can open a gym or music school, become a swimming instructor or a children’s yoga teacher, or focus on another child-centered activity. If you have a skill that can be easily taught to younger students, you may already have a profitable business.
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If your interests are development and engineering, you might consider adapting your technology to the youngest users. Research shows that the demand for tablets, apps and mobile entertainment for kids is increasing – especially if these products are focused on education.
According to the Learning First Alliance report on mobile devices and early childhood education from research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps help children with reading, math, science and world languages. Skills.
Have an idea for an educational app for kids or parents? So now is the time to jump into the next generation’s bright ideas and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee are based on the idea of the sharing economy, where we want and need less and instead share resources.
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These companies offer clothing and accessories that are loaned or rented for well below their purchase price, and since the same piece of inventory often generates revenue, the profitability of these businesses can be significant. According to a 2021 study by sales platform Mercury, the used clothing market is predicted to more than triple by 2030.
Do you currently have a sense of fashion and style that other rental services do not have? Maybe you’re ready to be the next big thing.
Even if you’re not ready to start a multi-million dollar fashion venture, you can easily take advantage of locally shared fashion. Before the next formal dance, choose some favorite accessories or dresses for the high school students and throw a borrowing party where customers can rent or buy something from your closet.
If you’re in a university city, Greek living rituals are another great opportunity to take advantage of the shared economy fashion. And because you’ve taken shipping costs out of the equation, you’ll likely make even more profit.
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Are you the go-to person for every lawn, garden and home repair tool in your neighborhood? Why not turn those resources into a profitable business by advertising your current equipment outside of your close friend group?
You may also decide to invest in more specialized and higher-cost equipment that will benefit those around you. And if a customer doesn’t know how to drive a particular vehicle, bundle equipment rentals with your mobile service for more cash at the bank.
Home improvement spending has increased since the beginning
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